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ITM Power Shares Rally to All-Time Highs on Sale of World’s Largest Electrolyser

Simon Mugo trader
Updated 13 Jan 2021

Practice Stock Trading
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Shares of ITM Power plc (LON: ITM) rallied 7.78% to trade at an all-time high of 609p today after announcing the sale of a 24MW electrolyser to Linde, which is set to be installed at the Leuna Chemical Complex in Germany.

Today’s announcement is part of a series of positive announcements that have boosted the company’s share price resulting in a massive rally that started in early November when the clean energy company’s shares were trading at 233p and have now risen 161% to today’s all-time high of 609p.

The 24-megawatt electrolyser is the world’s largest and will produce green hydrogen to supply Linde's industrial customers through the company's existing pipeline network. The company will also distribute liquefied green hydrogen to refuelling stations and other industrial customers in the region.

ITM Power which manufactures hydrogen electrolysers has had a terrific run since November characterised by a series of positive announcements including yesterday’s support partnership with Optimal for Australia.

The firm was also recently awarded a €5 million grant as part of the Oyster Project consortium to investigate the feasibility and potential of combining an offshore wind turbine directly with an electrolyser and transporting renewable hydrogen to shore.

Graham Cooley, CEO of ITM Power, said: “This is the first sale via our joint venture with Linde and is currently the world's largest announced PEM electrolyser. This is a significant addition to our sales pipeline and illustrates how the capacity and efficiency of our new factory allows us to tender for much larger scale projects…”

Jens Waldeck, Linde’s Europe West President, commented: “Clean hydrogen is a cornerstone of the German and EU strategies to address the challenge of climate change. It is part of the solution to help reduce carbon dioxide emissions across many industries, including chemicals and refining,”

ITM Power share price

Tradingview chart of ITM Power share price 13012021

ITM Power shares surged 7.78% to trade at 609p having risen from Tuesday’s closing price of 565p.

Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading